![]() ![]() You are free to copy, adapt, modify, transmit and distribute this material as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products). © Australian Taxation Office for the Commonwealth of Australia ![]() If you feel that our information does not fully cover your circumstances, or you are unsure how it applies to you, contact us or seek professional advice. Make sure you have the information for the right year before making decisions based on that information. ![]() They usually relate to the purchase of something that provides value to the business over the course of multiple accounting periods. Each transaction is completely different. Some of the information on this website applies to a specific financial year. Prepaid expenses are amounts paid in advance by a business in exchange for goods or services to be delivered in the future. Prepaid expenses refer to advance payments for business expenses, while debts owed by a company in the course of its trade are called accounts payable. If you follow our information and it turns out to be incorrect, or it is misleading and you make a mistake as a result, we will take that into account when determining what action, if any, we should take. Deferred expenses, also called deferred charges, fall in the long-term asset. Prepaid expenses refer to expenditures that have not yet been recorded as an expense but have been paid for already by a company. We are committed to providing you with accurate, consistent and clear information to help you understand your rights and entitlements and meet your obligations. Prepaid expenses are listed on the balance sheet as a current asset until the benefit of the purchase is realized. ![]()
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